- BTC cycle theorists confident of an imminent parabolic rally
- However, short-term hurdles persist for BTC bulls.
After a rough start in Q2, 2024, Bitcoin [BTC] has remarkably recovered from a low of $64.5K to $69.7K at press time. That’s an over $5K upswing and an 8% rally for bulls that picked the dip.
But the February-April trendline support was yet to be reclaimed at the time of writing. Nevertheless, Bitcoin market cycle theorists believe it could witness a wild parabolic rally.
One of the theorists, Vijay Boyapati, an internet personality and author of “The Bullish Case for Bitcoin,” noted that;
“But once you get to an all-time high, there’s really no overhang of supply, and then you have an open field of price discovery where the price can start to go parabolic.”
Imminent wild BTC rally per historical data
Other market cycle theorists echoed a similar position as Boyapati.
For instance, crypto research analyst, Rekt Capital, noted that a weekly close above the 2021 cycle high of $69K was crucial for further upside.
“Bitcoin has recovered back above the ~$69,000 level. Now just the new Weekly Candle Close just like this to fully confirm this.”
Indeed, the weekly candlestick closed at $69.36K, which confirms his thesis. Based on the BTC cycle, the analyst sees the re-accumulation breakout as the beginning of a parabolic rally.
On his part, Steve Courtney of Crypto Crew University, quipped that Bitcoin will be in the last stage of the bull cycle when it closes above $68.6K on the monthly chart.
Additionally, Courtney highlighted that the asset could witness a parabolic rally if BTC closed above $68.6K at the end of April.
However, the previous multi-month trendline support, the $71K resistance level, and macro headwinds are short-term hurdles worth considering.